LandBridge (NYSE:LB) Shares Down 7.6% – Here’s What Happened

LandBridge Co LLC (NYSE:LB)’s share price traded down 7.6% during mid-day trading on Monday . The company traded as low as $68.67 and last traded at $69.76. 349,693 shares traded hands during trading, a decline of 1% from the average session volume of 352,824 shares. The stock had previously closed at $75.50.

Wall Street Analyst Weigh In

LB has been the topic of a number of research reports. Citigroup boosted their target price on shares of LandBridge from $31.00 to $34.00 and gave the company a “neutral” rating in a research report on Thursday, September 12th. Barclays increased their price objective on shares of LandBridge from $29.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Wells Fargo & Company boosted their target price on LandBridge from $34.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Johnson Rice initiated coverage on LandBridge in a report on Wednesday, July 24th. They issued a “buy” rating and a $35.00 price target on the stock. Finally, Raymond James began coverage on LandBridge in a report on Tuesday, July 23rd. They set an “outperform” rating and a $34.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.57.

LandBridge Trading Up 0.8 %

The company’s 50-day simple moving average is $47.79.

LandBridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.40 annualized dividend and a dividend yield of 0.57%.

Institutional Trading of LandBridge

A number of hedge funds have recently bought and sold shares of LB. nVerses Capital LLC bought a new stake in LandBridge during the 3rd quarter valued at $31,000. M&R Capital Management Inc. bought a new position in shares of LandBridge during the third quarter valued at about $39,000. BNP Paribas Financial Markets purchased a new stake in shares of LandBridge during the third quarter worth about $168,000. Axxcess Wealth Management LLC bought a new stake in shares of LandBridge in the third quarter worth about $218,000. Finally, Requisite Capital Management LLC bought a new position in LandBridge during the 3rd quarter valued at approximately $293,000.

About LandBridge

LandBridge Company LLC owns and manages land and resources to support and enhance oil and natural gas development in the United States. It owns surface acres in and around the Delaware Basin in Texas and New Mexico. The company holds a portfolio of oil and gas royalties. It also sells brackish water and other surface composite materials.